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Traders who use expert advisors are spoiled for choices because there are literally hundreds of robots in the market place. Most of them are crap while a few are genuine in the sense that their legitimacy can be verified. You can find a few of them in this handy list which we’ve prepared for you in advance.
Now, let’s discuss another expert advisor which we recently learned about. The name of this EA is Setslav Scalper S1. Setslav Scalper S1 was released last year in December at a price point that most of us can’t afford. That price hasn’t been slashed up to now. It still remains at $850 per license.
The developer of this software is someone called Stanislau Siatsko. They have provided their location as Minsk, Belarus where they work as a team of developers.
The quickest way to contact this developer is to message them on their MQL4 profile. Alternatively, customers can comment on an issue which they want tackled to catch the attention of the developer.
Also, it seems that this developer prefers to engage users in comments rather than in private message as there are over 400 comments directed at the developer.
We’ve studied this developer for a while and found that they are hell-bent into convincing the public that Setslav Scalper S1 is not a typical Forex scalper. Is this pure marketing or genuine message which they want to pass across? We will be answering that question as we highlight some points in this review.
According to the features of Setslav Scalper S1, we learn that this scalper is more flexible than any other scalper in the market as it can work with any broker regardless of their spread conditions. It can also work with any Forex VPS, whether quick or slow. Results will never be affected because Setslav Scalper S1 is dynamic and accurate in launching trades that win.
In addition to this, Setslav Scalper S1 operates trades with tight stops to ensure that losses don’t run for a long time. The developer claims that the operations of this software is unique as they are based on strategies that are unique to each trading instrument.
Each one of the strategies used in Setslav Scalper S1 is dependent on a set of indicators which are also unique to the currency pair being traded. Time frame of trading also varies. It is not fixed unlike in many other expert advisors found in the market place right now.
In addition to this, the developer claims that this system uses a set of complex math calculations and technical analysis tools to open trades and close them respectively.
This explanation really sounds complicated. However, this developer doesn’t get to elaborate what they mean in details. We are sure that most traders don’t even know what this developer means by those statements as highlighted above.
It looks like this development team committed a significant length of time in coming up with such a robot. But at least we need expanded discussion on what trading strategies this software used to open and close trades in the Forex market.
Setslav Scalper S1 is basically a scalper. However, the developer also claims that settings can be tweaked to make it a trend follower for example. However, if you’re not comfortable with trend following, then this developer also offers an option for those who want to go the way of gambling, literally. You see, it can also trade on a martingale-based system. If not, traders can play around with the settings and choose different levels of aggression for their trading. The developer basically makes it look like what you choose is up to your trading style.
So far, we have gathered that Setslav Scalper S1 trades these pairs: EURUSD, EURGBP and GBPUSD. It likes to trade on the m15 time frame. But as we have already hinted, this expert advisor is very costly.
We are not quite sure why developers on this platform do charge such exorbitant prices. This is an issue that scares clients away. We wouldn’t pay $850 to get an expert advisor license. That’s a rip off at best.
Also, considering that there are many profitable Forex expert advisors between the price range of $100 and $300, one would be making a foolish decision purchasing a trading robot for that price and ending up losing the cost of the license in addition to their trading account balance. In our opinion, this is not wise. Let’s see what they have to present in form of trading results.
Here, we have back-tested results dating back to 2010 all the way to 2017. Whereas we do appreciate back-tests to see whether a robot can perform, we still find it a little bit odd that some developer are using back-tested results instead of working with live data on third party verification platforms like myfxbook.
Also, back-tests can’t be reproduced in relation to live data. For this reason, back-testes are never accurate results. Relying on back tests along would mislead you. But it is also the reason why dishonest developers often use back-tests instead of myfxbook tracking since they know that their products can’t stand the test of time, and the only way to lie to traders is by implementing the idea of back-testing.
In short, Setslav Scalper S1 becomes an issue because they are relying on an outdated tactic to present results. Yes, we do appreciate what we are seeing here. In fact, the back-tested results are very promising. Our worry is whether these results can be modeled into live trading results. We are coke sure that Setslav Scalper S1 would fail the test if it were tracked on myfxbook website. That’s a guarantee.
We checked out user comments on the platform and realized that overall, Setslav Scalper S1 was not a nice deal. One customer even said that this software was too expensive for a grid system. The keyword here is ”grid system”. Most (if not all) grid trading systems ultimately fail. Setslav Scalper S1 shouldn’t be an exception especially now that we have learned that they don’t have credible trading performance.
Lack of trading performance is one issue that was raised in this forum as well. That customer was complaining that this developer should never sell a robot for the price of $850 when they don’t have proof that it works.
While these critical comments were shading light on what it’s like to use this expert advisor, we also saw a few positive comments that talked of low draw down and tight stops. These are isolated cases, and shouldn’t be relied on. Also, how do we know whether or not the developer was gaming the platform with fake comments? It’s difficult to trust these comments, you know?
The bottom line is that Setslav Scalper S1 has potential. However, it does not mean that we will recommend it any time soon. We still need to settle a few issues first before potentially putting it into consideration. The price of this robot is a huge turn off. The lack of trading performance is another huge disadvantage. If we can get these issues solved, we would end up recommending it.
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